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Poshmark - StartUp with clothes exchange app

With Poshmark, users have the option of offering the contents of their wardrobes for exchange or sale. Above all, items of clothing that they still like but have simply not worn for a long time should be offered on the platform - the American startup promises that you will fall in love again with the contents of the wardrobe. The central component of Poshmark is the app, which is supposed to make browsing, offering, swapping and selling faster and easier. According to Manish Chandra, the managing director of Poshmark, 250,000 women have so far been using the app to sell their old clothes. Chandra claims it has sold a million items of clothing since January 1st.

The Poshmark app: swapping clothes on the social network

For the time being, the Poshmark app is only available for iOS devices in the US. With it, women can offer their clothing items quickly and easily and thus build up a personal boutique. Setting should take less than 60 seconds. The key here is the so-called covershot: a photo of the item of clothing, which can then be edited with filters and uploaded. The app also enables the creation and participation in the "Posh Parties", virtual buying and selling parties. In addition to such community features, Poshmark also guarantees secure payment processing: the transaction is only fully completed when the goods are received. With the help of the app, a large network is to be formed in which exchange and sales take place. Such a focus on the use of an app is risky, especially for young companies: Many startups that operate with mobile apps can see an increase in users, but only a few downloads of the app. Poshmark is one of the few startups that can report great success in both areas.

Great hope for Poshmark's future

Poshmark has raised a total of $ 15.5 million in investments since its inception in 2011 and currently employs 50 people. The startup also earns money from purchases within its community: the company charges a fee of 20% on every transaction. But for Poshmark to be profitable, a lot more growth is needed. Nevertheless, the previous increase in users and the size of the trade make Poshmark a promising start-up. The young company should have a good chance against its direct competitors such as Tradesy, Threadflip and Vaunte. However, Chandra and his investors are still a long way away from the big goal of catching up with eBay as a model.